More people are priced out of UK’s most expensive city

First published
in News
by Andrew Smith, Business Editor. Call me on 01865 425460

OXFORD is the least affordable city in the UK in which to buy a home, new data shows.

The average price of £340,864 for a property in the city is now 11.25 times more than the average resident’s earnings, leaving many people unable to afford even a one-bedroom flat.

That figure has risen significantly on the 9.8 reported last year in the Lloyds Bank Affordable Cities Review.

City experts say prices are being driven by investors from elsewhere in the UK and abroad, as well as a lack of supply.

Jakub Boronczyk and wife Gosha have been looking to move from East Oxford to North Oxford, but are finding themselves priced out of the market.

The couple recently bid the full £250,000 asking price for a one-bedroom flat in St Margaret’s Road, North Oxford, only to find there were three other offers on the property.

It quickly sold for £270,000, eight per cent above its advertised value.

Architectural designer Mr Boronczyk, 34, said: “We are registered with several agents but when we ring about properties that come up, we find they have gone already. We wanted to move closer to the city centre but we are being pushed away now.”

Darren Hazell, of Headington-based TLC Sales and Lettings, has recently launched the sales side of his agency.